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When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such...

Accounts - Principles of Accounts
JAMB 2012

When shares are oversubscribed and money returned to unsuccessful applicants, the entry to record such money is to debit

  • A. application and allotment account and credit unsubscribed shares
  • B. application and allotment account and credit cash
  • C. oversubscribed shares and credit allotment account
  • D. oversubscribed shares and credit allotment account
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Correct Answer: Option B
Explanation

You will debit application and allotment account and credit cash because monies that have been collected from the public wil have to be returned 

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